Based on the latest weekly report from CoinShares, crypto fund inflows at asset managers such as itself, 21Shares, Bitwise, Grayscale and ProShares added $293 million to a seven-week run of inflows thereby pushing it above the $1 billion mark for 2023.
This news comes on the heels of Benzinga’s Future Of Digital Assets Event in New York scheduled on Nov.14. It will be worth finding out what do experts believe about the bitcoin ETF approval likelihood driving all the investor and institutional interests. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.
What Happened CoinShares' Head of Research James Butterfill wrote in his blog, “At $44.3 billion, total assets under management (AuM) is now the highest since the major crypto fund failures in May 2022.”
Read Next: 'Rest Of The World Is Buying Bitcoin ETFs': Is 2024 The Year Of Institutional Adoption?
Being the third highest yearly inflow of record, year-to-date inflows currently stand at $1.14 billion while total AuM surged 9.6% over the past week and 99% since the start of 2023.
Leading the pack was Bitcoin BTC/USD investment products ($240 million inflows) while $7 million was seen as outflows in the short Bitcoin products.
Ethereum ETH/USD inflows stood at the highest ($49.1 million) since August 2022 levels with the last two weeks accounting for a major contribution.
Solana SOL/USD had $12.4 million in inflows.
Indicating high expectations from this rally, Bitcoin ETP investors are seen participating more as they accounted for 19.5% of total Bitcoin trading volume last week. Blockchain equity ETFs also witnessed the largest inflows ($14 million) since July 2022 taking the year’s net flows to a positive $11 million.
Region-wise, Canada was leading with $105.7 million in flows while the U.S. ($81.1 million), Germany ($52.9 million) and Switzerland ($50.3 million) followed.
Also Read: Sixth Week Of Cryto Inflows Total Over $261M, 2023 Officially Eclipses All Of 2022
Price Action: While Bitcoin prices corrected from the significant gains it posted last week, Solana prices were leading with a 33% gain. Ethereum saw a 10% increase in the past week while Bitcoin was up 5%.
However, based on the past 24-hour trading volume, Ethereum was in front with a 72% surge and Bitcoin followed with a 45% gain. Solana saw a drop of 10% in trading volume for the same period.
If the Spot Bitcoin ETF is approved, will the crypto community witness another price rally, increase in fund inflows, and AuM expansions?
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco and Moody’s will join Benzinga on Nov. 13 for Fintech Deal Day and Nov. 14 for Future of Digital Assets. Secure a spot here to join them.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
